E-cheque is an electronic version of a paper cheque. It has the same signatures and endorsements. Instead of handwritten or machine-stamped signatures, it has digital signatures, using smart cards and digital certificates. E-cheques are signed by the person who is paying and endorsed by the person who is receiving the money.
Frequently Asked Questions
Does an electronic cheque clear immediately?
Once you make an e-cheque payment, you usually get a receipt right away that you can print and save as a PDF. It might take 24-48 hours for your money to clear the bank and show up in the other person’s account.
Is it safe to pay with an e-cheque?
E-cheque is a safe payment method when the payment processor does it right. If there are electronic encryption standards to protect customers’ information and to prevent fraud, e-cheque is an extremely safe payment method.